Second charge lending sees 15th month of double-digit growth
Second charge mortgage new business volumes grew by 14% in November, the fifteenth consecutive month of double-digit growth, according to the latest figures from the Finance and Leasing Association.
"The second charge mortgage market reported a fifteenth consecutive month of double-digit new business volumes growth in November."
By value, second charge lending grew 17% to £116m compared to November 2018.
In the year to November 2019, second charge lending grew 16% by value and 19% by volume compared to the previous 12 months.
Fiona Hoyle, head of consumer and mortgage finance at the FLA, said: “The second charge mortgage market reported a fifteenth consecutive month of double-digit new business volumes growth in November. The average value of second charge mortgages in November grew by 3% compared with the same month in 2018 to £44,530.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
FCA
Firms required to report complaints involving vulnerable customers under simplified FCA rules
FCA
FCA sets out timeline for mortgage rule changes
Santander
Santander joins mortgage price war with new rates from 3.51%
Inflation
Bank of England set to cut rates as inflation falls to eight-month low
This week's biggest stories:
FCA
Firms required to report complaints involving vulnerable customers under simplified FCA rules
FCA
FCA sets out timeline for mortgage rule changes
Santander
Santander joins mortgage price war with new rates from 3.51%
Inflation
Bank of England set to cut rates as inflation falls to eight-month low
Nationwide
FCA fines Nationwide £44m for inadequate financial crime controls
FCA
FCA announces new measures to support growth of mutuals sector